Namogoo Announces $15 Million Series B Round
May 1, 2018
by Chemi Katz
We’re very excited to share that we’ve raised $15 million in our Series B round!
This brings our total funding to $29 million since my fellow co-founder Ohad Greenshpan and I started building Namogoo in 2014. Hanaco Venture Capital led our Series B round, with participation from our existing investors GreatPoint Ventures, Blumberg Capital and Inimiti Capital.
This is a proud milestone for our team. I want to take this moment to share my thoughts on how far Namogoo has come and our plans for the future.
Our Online Journey
It’s been a long and eventful journey since our beginnings, when we first uncovered the problem of Customer Journey Hijacking. We were a compact team traveling abroad from meeting to meeting, shedding light on a problem entirely unknown to online retailers and eCommerce businesses. Our team worked hard to demonstrate that this was not only a very real problem, but one that was already compromising the online experience for their customers and damaging their brand equity and bottom line.
By identifying and solving a previously undiscovered problem in the form of unauthorized injected ads that cost online businesses millions in revenue each year, we’ve been able to truly pioneer the market of Customer Journey Hijacking Prevention — and make a really exciting impact for our clients.
Making inroads with proven eCommerce brands helped us build a roster of leading customer advocates for our Customer Journey Hijacking Prevention solution. It’s also helped earn coverage in leading business and trade publications such as Forbes, Fortune, and Internet Retailer, substantially elevating market awareness and recognition of this problem.
We channeled our Series A investment in 2017 into growing our team, reaching over 60 people in both our Israel and U.S. offices. We moved into a larger office in Boston, grew our customer base significantly, were chosen as one of Boston’s top 50 startups, and launched our new product Digital Insights. This momentum has helped us bring over 50 global brands on board to date. We’re also thrilled to have entered new verticals who stand to benefit from eliminating invasive content from interfering with their online funnel, including marketplaces, fintech, and subscription-based businesses.
The Namogoo team moved into its new U.S. headquarters in Boston last month.
The Next Chapter
To build on the great momentum of the last six months, we’ve outlined even more ambitious goals for the coming two years. This Series B round will help us further our investments into our technology and help us accelerate the growth of Namogoo in both the U.S. and Europe.
This new funding will enable us to enhance Namogoo’s client-side platform, the products built on top of it, as well as the core Machine Learning capabilities run under the hood. With the growing shift of consumers to mobile, we are going to further increase our Customer Hijacking Prevention capability to cover new generations of journey hijacking on mobile devices, providing greater value to our customers. For our Digital Insights solution, we have already developed a robust roadmap to roll out unique capabilities that address new challenges facing online businesses and publishers today including privacy and GDPR.
While our mission to lead market education on the Customer Journey Hijacking problem is yielding great results, proper investment is still needed to create and nurture this awareness. We look forward to helping online businesses understand the competitive gains reaped by preserving the efforts and resources they’ve invested in optimizing the journey for their customers.
Lastly, we recognize that to achieve our objectives over this period we need a strong team next to us. To this end, the funds will be used to double our headcount in both our U.S. and Israel offices.
Thanks to Our Exceptional Team, Partners & Clients — We Wouldn’t Be Here Without You!
We want to thank first and foremost our customers who not only recognized the credibility of an unidentified problem affecting the industry, but also the immediate and long-term business value of solving it.
Huge appreciation is greatly deserved by our Namogoo teams, who have shown great dedication, perseverance, and determination to help us reach these proud accomplishments and undoubtedly will be integral to helping us grow further heading into the future.
Last, but certainly not least, a special thanks goes out to our investors for believing in our mission of helping online businesses control their online customer experience, and in our approach towards making this a reality.
It’s remarkable how far we’ve come so far. Perhaps the only thing more amazing is where we’re going. Stay tuned — there will be more exciting news to come!